JD Edwards Sues; PeopleSoft Spurns Oracle

Friday Jun 13th 2003 by DatabaseJournal.com Staff
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UPDATE: J.D. Edwards sues Oracle & Larry Ellison seeking billions in damages but Oracle wants shareholders, not courts, to decide; meanwhile, PeopleSoft unequivocally rejects Oracle's bid.

[From internetnews.com]

J.D. Edwards (Quote, Company Info) filed a $1.7 billion suit against Oracle (Quote, Company Info) and its two top executives in state courts in Colorado and California Thursday -- the same day that Peoplesoft (Quote, Company Info) formally rejected Oracle's (Quote, Company Info) unsolicited $5.1-billion bid.

In its lawsuit, J.D. Edwards is claiming that Oracle and the plaintiffs "tortiously interfered" with its proposed merger with PeopleSoft, which was announced one week prior to the Oracle offer.

In response, Oracle issued a brief statement: "We have just heard of this lawsuit. Clearly PeopleSoft and JD Edwards prefer to fight in the courts than let shareholders decide. We believe that this case has no merit whatsoever," Oracle spokesman Jim Finn said in the prepared remarks.

The article continues at http://www.internetnews.com/ent-news/article.php/2220981

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